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providing alternative housing choices, and establishing a unique identity for the • community. E. Based on economic development projections, the anticipated tax increment revenue generated from a 26 year redevelopment district may generate $70,000,000 in net present value. It is anticipated that the TCAAP development, due to the conditions of the site and the desire of the City to implement the principles of the TCAAP Framework Vision, may require significant public financing assistance to complete the redevelopment. Based on this, implementation strategies may include the following to ensure fiscal responsibility and minimizing the impact of the TCAAP development on the City as a whole. 1. All requests for assistance shall be reviewed by a third party financial advisor. 2. The City shall establish mechanisms within the development agreement to ensure that adequate checks and balances are constructed in the distribution of financial assistance, these include: • a. Third party review of the"but for" analysis. b. Establishment of"look back provisions". C. Establishment of internal tax increment administrative procedures. d. Establishment of minimum assessment agreements. 3. The City will elect the fiscal disparities to come from inside the district to eliminate any impact to the existing tax payers of the community. 4. The base tax increment for this redevelopment, which could equal up to $200,000 per year, will provide the City a revenue starting point for increased local services. 5. The City will target up to 5% of tax increment for administrative purposes. 6. The City will target up to 10% of tax increment to be used for capitalizing a City wide redevelopment fund • Page 6 of 8 \\Metro-inet.us\ardenhills\Admin\Committees\Economic Development Commission\TCAAP Public Financing Policy-Final.doc